You are of course correct. But these people are math challenged. If you confiscated every penny of wealth from “the 1%” it could fund the Federal Government for something like 89 days.
And rich people are smart with their money. They are the first to abandon a sinking ship... and they have the means to do it, too.
So, it will be those who remain who will be stuck with the mess — what is left of the middle class and the poor.